The global implantable medical devices
market features a largely consolidated competitive landscape, with the top five
companies accounting for a share of more than 50% in 2015, reports TMR in a
recent report. These companies, including Zimmer Biomet, Johnson & Johnson,
Stryker Corporation, Medtronic plc, Institut Straumann AG, hold sway owing to
innovation, rapid introduction of newer and more effective product varieties,
and presence across several key regional markets. Being a technology- and
research-intensive field, governed by stringent approval regulations, the
implantable medical devices market faces a low threat of new entrants in the
next few years. However, the introduction of more promising substitutes to
traditionally used materials is expected to intensify competition.
Transparency Market Research estimates that
the global implantable medical devices market will witness expansion at a
healthy 4.9% CAGR over the period between 2016 and 2024. At this pace, the
market, which had a valuation of US$32.3 bn in 2015, is expected to rise to
US$49.8 bn by 2024. Of the key materials used for manufacturing medical
implants, titanium is presently the most preferred but is expected to lose its
prominence to other options such as titanium alloys and zirconium. Over the
period between 2016 and 2024, the market for titanium implants is expected to
expand at a 4.7% CAGR. The markets for titanium alloy implants and zirconium
implants are expected to expand at 5.5% and 6.4% CAGR over the same period,
respectively.
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Rising Prevalence of Chronic Degenerative
Disease and Dental Problems to Stimulate Demand for Implantable Medical Devices
Globally
A plethora of factors are boosting the
global consumption of medical implantable devices. Some of the chief ones of
these are the rising numbers of people suffering from chronic degenerative
diseases such as arthritis and cardiovascular issues and the high prevalence of
dental problems, which could require orthodontic and periodontics
interventions. While busy lifestyles, unhealthy dietary habits, lack of
physical activities, and rising geriatric population are triggering chronic
health diseases, the rising intake of junk/fast food is leading to the
increased incidences of dental issues. Over the next few years, these factors
are expected to arise as high-impact drivers of the global implantable medical
devices.
Along with these factors, the rising
prevalence of a number of congenital diseases and the increased awareness and
consciousness regarding body’s appearance, and the alleged boost to self-esteem
that cosmetic surgeries bring, have also been underlined as the key drivers of
the global implantable medical devices market. The increased awareness
regarding body aesthetics has given a huge boost to the market for dental
surgeries involving implantations, thus driving the global implantable medical
devices market.
Concerns Regarding Corrosion, Developments
in Surgical Field Threaten to Hurt Demand for Conventional Implants
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Studies have demonstrated that implants made
from materials such as nickel and chromium are prone to corrosion and can
trigger cancers. Implants made from cobalt alloy are known to pose risks to
human health owing to in vivo ion release; polyethylene implants could be a
potential trigger for bone lysis and localized tissue ruptures. Owing to the
potential health issues that many varieties of implants cause, patients are
more prone to opt for other alternatives. Along with this, the vast
developments in the surgical field could also stimulate the consumer to prefer
surgeries that promise minimal risk to health.
Moreover, the high costs of medical implants
and the concerns regarding post-implantation infections, which may add to the
overall cost of implanting a medical device in the body, are also restraining
the overall growth prospects of the global implantable medical devices market
to a certain extent.
This review is based on a recent report by Transparency
Market Research, titled “Implantable Medical Devices Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”
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